GE Transportation recently announced its membership in the Blockchain in Transport Alliance (BiTA), a trade association dedicated to blockchain education and the development of industry standards. This collaboration is expected to contribute to the advancement of blockchain technology in the logistics and supply chain sectors.
Blockchain is a decentralized digital ledger that records transactions by storing data in blocks across a distributed network. According to GE officials, this technology facilitates the creation of a digital supply chain and enables a peer-to-peer system for commercial transactions.
BiTA Membership and Industry Participation
BiTA, which was founded in late 2017, consists of over 230 companies from various sectors, including transportation, logistics, technology, retail, and finance. Among its notable members is BNSF Railway Co., which became the first Class I railroad to join the alliance. The organization also includes truckload carriers, third-party logistics providers, major retailers, and financial service firms.
As GE Transportation expands its involvement in the broader supply chain ecosystem, it aims to enhance connectivity between partners and customers across multiple transportation modes. The company plans to introduce its applications to BiTA, supporting the alliance’s efforts to harness blockchain’s potential across different industries.
Projected Growth and Future Potential
Although blockchain technology is still in its early stages of adoption, industry projections suggest significant economic benefits in the coming years. Citing research from Gartner, GE officials highlighted that blockchain could generate approximately $176 billion in added business value by 2025. By 2030, this figure is expected to surpass $3.1 trillion, indicating the transformative potential of blockchain in supply chain management and other industries.
With its membership in BiTA, GE Transportation seeks to leverage its expertise to drive blockchain adoption, contributing to the digital transformation of the logistics sector.
